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to approach this. obama got to go on vacation in hawaii. >> eric: taxes revert to the bush tax cut expire and president obama says republicans look at this. tax cuts for everyone making under 250. can republicans say no to tax cut in 2013? >> andrea: it will be tough. not tougher than the p.r. battle they are fighting now. i think he wants that scenario, eric. i think obama thinks going off the cliff is a win for him so he can pass the obama tax cut and say look, i'm bringing in revenue. i lowered the deficit. pass his tax cut. a win and he can blame the g.o.p. i would argue i don't think the g.o.p. had the ball on this fight. i don't think they gave it up. i don't think they had it. it's very tough for them to win against the white house like this. and a white house press corps that is not going to report anything negative against the president. >> eric: the ball is a debt ceiling. remember, all the negotiations, tell you, i'll get to greg, they have to go through the house. money negotiations go through the house. if the house says no on raising debt ceiling they can create havoc. go ah
and signed by president obama. the idea being to make it so painful not to cut a deal on taxes and spending that they would be forced to cut a deal on taxes and spending. except keeping them honest, they haven't done it. even though they knew the stakes, they knew the deadline, and both sides promised that this time things would be different. >> we need to return to fiscal responsibility. >> how is it that we're going to be able to do that? getting our fiscal house in order. >> the american people have spoken loudly. they want us to get our fiscal house in order. >> fiscal handcuffs on this congress that are sorely needed. >> washington is beginning to get its fiscal house in order. >> so they approve legislation that gave everyone nearly a year and a half to reach a long-term agreement on spending and taxes or face truly punishing consequences if they didn't. you'll remember at the time this was a really big deal. republicans had forced the issue by refusing to raise the debt ceiling without budget cuts. markets went haywire. gabby giffords even returned to washington from rehab from her a
and become the obama tax cuts, right? i think that's what conservatives and republicans should be most worried about from a long-term political perspective right now. i mean, in a sense, they have sort of -- they have won a particular policy battle in the sense that most of the bush tax cuts, both parties believe should be extended. right? we're talking about 97%, 98% of the bush tax cuts. you could say that's a policy win for republicans, but if those tax cuts ended up getting branded as obama's tax cuts that he passed after we went over the fiscal cliff, it then loses whatever upside there was for republicans, except, and we have to mention this, for republicans vulnerable to primary challenges, there's obviously a lot of anxiety about being, you know, the first republican in 20 years to vote for a tax increase. i think that's the big fear, that it's been so long. republicans haven't cast this kind of vote. you don't want to be the first one to do it. >> yeah, and charles, we're told the democrats may be waiting until the very last minute. maybe they're banking on pressure and the go
the cliff. pass the obama tax cut and reinstate the sequester cuts to things like he likes like the national institute of health and cut the defense budget. put republicans in the corner to say you want to bring a bill to the floor? be my guest. am i right? >> bob: my, you are cynical. keep in mind, they said, boehner said he wants to go to the senate. under the constitution, you cannot start a bill on taxes in the senate. has to come from the house. there is a 48-hour limit because you have to have the house of representatives look at it. i think the deal is cut. they will get legislation and vote on it late monday night. >> andrea: do you think a deal is cut? i talk to people and they say no deal. >> eric: there is no deal. they are saying no deal. president obama coming back to d.c. to fix what he broke in the first place. two solid years to deal with it. this is a gimmick, the flying back from hawaii to do this. nothing going over the fiscal cliff. let the tax cut expire. come back in, offer the tax cuts for people under 250. call them obama cuts and get it going. if you are in congress.
to be hammered out shall the threshold for extending the push tax cuts and president obama campaigned and sounds like, 400,000 may be where they're heading. a leader says that permanency is key, and fixing the death tax and a permanent solution for the alternative minimum tax which threatens 28 million americans every year, would also help win republican support, heather. >> mike emanuel reporting from washington with the latest, thank you, mike. >> kelly: heather and mike, thank you very much. and president obama trying to light a fire under congressional lawmakers, urging them to come up with a deal after friday's bipartisan white house summit. >> we're now at the last minute. and the the american people are not going to have any patience for a politically self-inflicted wound to our economy. >> kelly: so the question becomes, why can't washington seem to work this out? why has it taken so long when they knew they had this fiscal cliff coming to them? joining me now for a fair and balanced debate on the topic, angela mcglowan is with us, and mark hanna, a strategist and former aide to the john
continues to be over the threshold of tax increases. president obama campaigned on raising taxes on income over $250,000 while many congressional republicans have pushed back on any increase in taxes. >> they say that the biggest priority is making sure that we deal with the deficit in a serious way, but the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest americans are protected. >> but senators say there is some movement on the issue. >> there's a lot of give and take right now but republicans doan want to see new revenues in other words, tax increases be used for spending. >> the president says if there's no deal by the end of the day, they should draw up a new tax plan. >> there should be a right to vote. if republicans don't like it they can vote no but i actually think there's a majority support for making sure the middle-class families are held harmless. >> a white house proposal to increase estate taxes also held up negotiations over the weekend. now, even if the democratic-led passes, it still has to get
that's directly relevant today because i think the obama tax increases are more likely to lose revenue rather than to gain revenue. for example -- >> clayton: we know what happened with president george h.w. bush, read my lips, no new tax and ended up going forward with some of those tax increases to part of the negotiation and democrats didn't come forward with entitlement cuts that were enough to actually counteract some of those tax increases. could we be seeing the exact same thing today? >> well, yes. for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather than declined. and cbo has gotten it wrong every time over 50 years. and so whether you're deal -- what you're doing with obama is not just the expiration of the bush tax cuts, but obama tax goe
.2 trillion in federal spending cuts kick in. the payroll tax holiday enacted under president obama will expire. the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiations. what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate will get back network. when they do they won't have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits yesterday democratic leader harry reid said he hoped to have an announcement in the morning when senate gets back network. where are they divided inspecifically divided at what salary taxes should increase but there was progress in terms of tax increases for the wealthiest of americans, also avoiding the inheritance tax increases and democrats say that they are grateful republicans have given up a demand for cuts to social security at least for now. now this progress has not come easy. democrats have accused repub
of obama and his taxes and spending. gerri: i don't understand why people aren't marching on the hill. i really don't. this is what we hired them for, to iron out these differences, and no one is doing the job. let's take a look at the numbers for folks that are married. if you make $50,000 per year, you'll pay an additional $2000 in taxes. if you pay $100,000, an additional $446 in taxes. the list goes on. you make it to make a million dollars, an additional $50,000 in taxes. this will cause people to reinve the way th lived day-to-day. i don't see why people are upset abt this. they should be. but all of the tax cut that you just mentioned, it is due to the disappearance of the bush tax cuts. the democrats all voted against the bush tax cuts. so they voted to keep those tax increases, not next year, but for the previous 12 years. so you have a very big fight in washington. the democrats have opposed the bush tax cuts, call them names, said they were for rich people, now that they are about to disappear, they are running for the hills. because they know that that was the tax cut that la
, instead just voting to reinstate a tax cut, that then it sort of president obama's tax cut so he gets credit for that. >> do you have any sense of what will happen around that table today? who called the meeting if there's an agenda or are they going to sit around and stare at each other until one of them blinks? >> we don't have a sense. i'm sure that we will be getting a sense. this is supposed to take place at 3:00 p.m. at the white house. the vice president, president and four top congressional leaders. we don't know what will be said. i think we will likely hear from some camps afterwards. >> if you are wondering what a trip down the fiscal cliff might mean for your paycheck, for your 401(k), look no further than yesterday's dow. at the opening bell, a dive of more than 1%. investors finding little hope for the fiscal cliff compromise on capitol hill. when word came down two sides might be meeting. reversal of fortune. the dow rebounding for a while before finishing slightly lower. >>> a nation this morning remembering the american general credited with orchestrating one of the m
. and the third part is $1 trillion in obama's taxes. that's the obama care taxes they hid from you because they're all scheduled to come in after he got safely elected. >> let's go back to the bush-era tax cuts. for you, given your position, that's really what we want to focus on here. you make the point that democrats could have voted before when they had super majorities or big majoritiemajo and that's a fair point. but in part thanks to you, voting for tax increases is a political death for republicans and democrats. that brings me to my next question. i've talked to republicans and democrats who think we are going to go off the cliff, and here's the reason why. if we go off the cliff, everybody's taxes go up automatically. then congress can come back in january and vote for a tax cut as opposed to tax increases. what do you think about that? >> one of the challenges, of course, is people see this happening. they realize the president has not been negotiating at all over the past three months. we learned days and weeks and months afterwards that they had non-meetings where this is going on.
haven't learned that they're going to have to compromise. just hours ago, president obama returned home from christmas vacation. looking to jump start negotiations and protect millions from seeing their taxes go up. the news comes after a conference call that mr. boehner held with gop house members, telling them to return to washington this sunday. but just because they're coming back doesn't mean they're looking to play nice. today, senator harry reid blasted the speaker for refusing to even vote on a democratic plan that would protect 98% of americans. >> everyone knows that if they had brought up the house -- i'm sorry, the senate-passed bill that would give relief to everyone making less than $250,000 a year, it would pass overwhelmingly. it's being operated with a dictatorship of the speaker. >> a dictatorship of the speaker. and here's house speaker boehner office responded. senator reid should talk less and legislate more. legislate more? what legislation has speaker boehner been working on while on vacation? while we're about to go over the cliff, the gop has been pointing finge
up with president obama calls the bare minimum addressing tax cuts without doing anything to curb spending. >> we will get at best a patch and be here again in two months. congress cannot get out of its own way. >> average family would pay an extra $3,400 next year. >> the law says that every american's tax rates are going up. every american's paycheck will its mother. if that the impasse has shaken wall street, -- the impasse has shaken wall street. >> i think the likelihood is we go over the fiscal cliff. >> jim moran is wondering if partisan politics has destroyed the chance for any agreement. >> i don't think we will be up to reach a deal, no matter how small it might be. >> the american people are watching what we do. obviously, their patience is already thin. >> if senate leaders reached a deal, rank-and-file senators could vote by sunday, house member sunday night. right now there is not enough time left, they really need a deal tomorrow to beat the monday midnight deadline. richard reeve, abc 7 news. >> in addition to working on a deal on the fiscal cliff president obama h
cliff package that president obama laid out on friday, which moved the tax hike needle to $400,000. no word yet on when the house of representatives might come back, but democrats say the only hope we have of something getting through the house, the senate and the white house may be a very last-minute deal. cnn radio's lisa is following developments on capitol hill right now. the ball is in senate majority leader harry reid's court it would seem right now, lisa. >> that's right. harry reid and the senate seem to be the only game in town right now with the senate returning today. we also know from sources, ali, that over this christmas break there were no conversations between the president and top-level republicans. sources from both parties are telling us they are watching the senate, especially the democratic leadership in the senate. we also know yesterday house republicans came out with a statement saying that he will act only after the u.s. senate acts. we're not sure what the senate will do, as you say, we're expecting that smaller deal. what exactly will they vote on? pe
combined mpg c-max hybrid. >> julia: in four days several taxes tied to obama care will go in to effect including the medical device tax. healther found out it is about to impact every american. good to see you. >> that is right. this will pact every consumer. a new tax coming out. the tax will be put on devices that range from mri's to prosthetics and items in every doctor's office and veterinary offices. it will be passed alongg to consumers and manufacturers say it will result in job loss and stifle innovation and upon send jobs over seas. we went to one manufacturer. adm electronics that employs 19 people to ask them what it means for their industry. >> your company is about to be hit with a 2.3 percent tax on medical devices. >> it means more. it is on gross sales and that can hurt the number of people working for us and number of sales and increase the costs of our device. >> this is a family run business and been in business 40 years. how does it plea out for your company? >> we tried not to lose our employees because we are like family and the devastating impact we may not be ab
, $250,000, a ceiling if you will over which your taxes would go up. $400,000 was the last obama offer that we heard of. $450,000. the new democratic offer that we're hearing of. the gop is seeking to get it up to $550,000 per and um for income. and remember plan b that blew up in the face of house republicans? a million dollars and above and that is the key question as we head into this. what will the house of representatives do if the senate were to reach this deal with joe biden today? >> as the senate convenes we see them gathering on the left-hand side of the screen right now, very quickly is it even physically possible, we have 13 hours to do this. >> reporter: sure. but in the senate in particular that's usually the place where things get clogged up. they can really do anything if they get everybody onboard. unanimous consent, not to bore everybody with procedure but they can basically wave their hands over this thing if no one stands up to object. the house, however, ironically, may be kind of a different story where they normally can jam things through. we'll see what happens
direction with respect to tax. president obama has shown no leadership on this. what they really need to do is minimize the damage from what president obama is trying to push for the higher tax cuts because they're going to need public opinion on their side in the new year to really make entitlement reform because at the end of the day, we're ohm talk being tax. we know $16 trillion in debt. the real problem right now is entitlement spending because at 62 to 65% of the federal budget. we've got this problem ballooning by the hour w. got to do something about it. right now i think house republicans are going to have to take it on the chin and get the deal because we need public opinion on our side. >> heather: alexis, will they get it done? >> i hope so. i think the lack of leadership has been on the house side. speaker boehner couldn't even get his own bill passed. so he's been fumbling the ball. i think what the president is doing with the up or down vote is trying to bring oversight to the american people in the spirit of the holidays, he's trying to let the american people decide who has
reported that president obama presented a plan to increase taxes on income over a quarter million dollars per year, as part of the deficit reduction plan to deal with american debt. he would probably say to the congressional leaders that need to figure out a way to get it through, but i think the expectations in washington of a deal are low with only three, four days left until the new year and the media tax hikes and spending cuts taking and -- kicking in. >> that means perhaps heading back into recession? >> yes, there is little doubt in washington about the seriousness of the sick jubilation. the problem is withdrawing government demand from the economy too big spending programs, cuts with a smothering effect on the tax hikes will have been very damaging effect on the was economy and by extension the world economy. people know it is serious, but the politics, we know that the house and senate republicans do not want to increase taxes on anybody, so it is very difficult to see how a package can get through congress, certainly in time for the new year. one guess is that they could that t
i know. so now they squabble the tax hikes but now is time for president obama to be talking about raises in washington. who is going to get a bump in pay. new reports that secretary of state hillary clinton is returning after three weeks from recovering from a virus. now she is set to testify on the terror attack in libya that left four americans dead. the question that she will face when she goes to the hill. we'll talk about it. [ malennouncer ] it's tt time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you realldon't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it findone, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all youeed is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis sympto. but if you have
at odds over key issues such as creating an income threshold for raising taxes. president obama says gop leaders have rejected his proposals to make a comprehensive deal. republicans say they are willing to work together. so what does this mean for you? coming up in the next hour, we'll talk live with congressman jerry connelly and congressman phil roe for a closer look at the looming deadline. >>> still ahead this hour, secretary of state hillary clinton hospitalized. we'll have an update on her condition. we'll be right back. (vo) sometimes the big plan doesn't work. and the perfect life turns out to be not so perfect. you start fresh. new city. new job. new everything. it's exciting, and scary, at the same time. and some days you think, "i can't do this on my own." but then...i went to suntrust. they helped me figure things out. and before you know it, i am doing it... (anncr) at suntrust, helping people shine is what we do. join the thousands who are switching to suntrust's award-winning service. >>> secretary of state hillary clinton will spend the new year in a new york hospital so
depression. so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they're extended by 2020, the bush-era tax cuts will be responsible for more than half the total national debt. democrats insist that taxes go up for the wealthy but stay in place permanently for those earning less than $250,000 a year. >> we need to stop the job killing tax hikes, and we need to start cutting spending now. >> republicans refuse to play ball. they say no higher rates on the rich, no tax hikes on anyone. based on an ideology that calls for government to be as small as possible. the roots are as old as american politics, but today the philosophy's main spokesman is this man. grover norquist, president of americans for tax reform. norquist's pledge signed by almost all republicans in congress forbid signatories from raising taxes ever under any circumstances. things come to a head in the summer of 2011, republicans demand the government reduce the deficit as a condition for raising the nation
we reach the fiscal cliff -- president obama is launching a last-ditch effort to avoid tax increases and spending caps set to take effect january. the president is set -- set to meet with house and senate majority leader's for the first time since november. this comes after the partisan bickering with democrats and republicans blaming each other for failing to reach a deal. this morning the nation is remembering retired general norman schwarzkopf, who died thursday of complications from pneumonia. he is known for leading allied forces in the 1991 gulf war walk caption during -- capturing the public imagination. >> norman schwarzkopf a little- known u.s. army general looking to retirement. then saddam hussein invaded kuwait and norman became a household name. he turned into the face of the u.s.-led counterattack called youoperation desert storm. >> let me put it this -- it will take as long as it takes for a iraqis to get out of kuwait and the united nations resolution to be enforced. >> the campaign culminated in a massive ground offensive, routing the iraqis in 100 hours. >> the nav
obama breathing room to hold out for the taxes on high earners. so be it it will be worse for conditions. >> i don't think either side wants this to happen. president obama doesn't want to give an inaugural address . conscience don't want to go over the cliff either. you want to start out in a new congress and in the new year on a right foot with a bipartisan agreement. we'll have a smaller deal hopefully before new years. >> i want to play a sound by the from charles krauthammer and get your take on this. listen to charles. >> it is clear from the beginning he had no intention to solve the fiscal issues. he's been using this and i must say with great skill and ruthless skill and success to fracture and basically shatter the republican opposition. the only redoubt of the opposition is the house . his objective from the very grinning was to break the will of the republican house and to create an internal civil war and he's done that. >> talking about president obama trying to create an internal civil war. you think it is a grand strategy. >> i don't think president obama will do anything.
, president obama wants it to consider a much smaller plan, one that at least would stop middle class tax hikes, at least. but republicans could block a vote on that. did you get all that? >>> by now, you're probably asking how did we get in this mess? cnn's ali velshi breaks it down for us. >> now we have passed a bold package of tax relief for america's families and businesses. >> reporter: it starts more than a decade ago, when then president george w. bush initiated a series of tax cuts for all americans. but it's a deal with a devil. the cuts, which are politically expedient but costly to government, expire in ten years' time. >> both houses of congress have now passed a package of tax relief that will protect the middle class. >> reporter: when it came time for the cuts to expire, the u.s. is just emerging from the worst recession since the great depression. so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they're extended, by 2020, the bush-era tax cuts will b
. dre move his business dealings over to ireland? because of their low corporate tax rate. big obama supporter. for all of you people wearing beats headphones that money is going through ireland now because of that problem. heather: okay. before we get off on dr. dre, let's talk a little bit what is going on now, 30 minutes from now, any moment, they're starting to arrive, we have boehner, pelosi, mcconnell, reid. they're on capitol hill. what can president obama offer that both sides can agree to. >> unfortunately for individual members of the republican house it is to their interest to let tax increases go into effect. that way they won't be viewed as having raised taxes. they can come in and easier to negotiate with them. what the president, what we are hearing about what the president is proposing though, is a small deal to get them through the fiscal cliff so that it avoids some of the implications, some of the more damaging implications for the economy. i don't think the fiscal cliff honestly is really going to have a huge impact. our housing market and labor market remained fi
obama will push for a stop gap measure, a small deal that will at least prevent tax increases for those earning $250,000 or less. but even that seems unlikely. >> the american people have a right to be very upset with this congress. >> publicly, both sides have ratcheted up rhetoric, pointing the finger. >> john boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing. >> the only reason why democrats have been trying to defect -- deflect attention over the past few weeks is they did not have a plan of their own. >> the path for the rest in the hands of the senate. house republican leaders say they will take action on whatever bill can pass the chamber. if there is a breakthrough, the legislation will not pass until the 11th hour or because house members to not return here until sunday night. abc news washington. >> new word on a potential dockworkers' strike that could cripple the nation's economy. the mediator now says contract with the longshoremen on the east and gulf coast have been extended for 30 days. thousands of workers at the
to force president obama and the senate democrats to agree on fundamental tax reform. what do you think about that? >> we will get fundamental tax reform i believe as a part of the debt ceiling debate. going over the cliff means that our economy goes in the tank. we've got a very small recovery going on here. it would destroy the recovery, and jon's son is a first lieutenant, going over the cliff means that we start to dismantle the best and finest military in the history of the world at the time we need it the most. so that is unacceptable, that means i've got to vote for something i don't like, raising rates is something i don't like. i think it's a bad idea. but it's going to happen because barack obama insists that it happen. but let me tell you this. he had the courage of his convictions to raise tax rates, i'm going to have the courage of my convictions not to raise the debt ceiling until we reform our nation and stop becoming greece and finally stop getting out of debt. i hope republicans will fight as hard on the debt ceiling as barack obama did on tax rate. uma: you call everyt
for. payroll tax, that's $160 million. we have obama care taxes. we know those are going through. >> the payroll tax number going up again? >> payroll tax, i think they're not going to extend it. so that goes up -- >> sooner or later they have to go up. >> that's $160 billion -- >> don't we need that money? >> funding social security. so it's very likely that that tax cut will not be extended into the new year. so there's a chance you have a mild recession, even in real terms, in the first half of next year. the good news, i think, my big prediction, i've had for awhile for whatever it's worth, i think we're developing a new nifty 50 in this country of very, very strong companies that are almost bond proxies. and i know a lot of people think they're expensive, but there's no other alternative. there's no other place to go. >> is the market priced appropriately for your estimation -- >> no, i don't think. >> for the first half of 2013. >> if you look at bottom of analyst estimates for 2013 they're still using 113, 114 for operating earnings, an 11% increase. that's with profit mar
of it and we've seen president obama take this tactic before. during the payroll tax cut fight, you'll remember he ran out and talked to people in different states and tried to ramp up pressure congress in that way. last night president obama came out, addressed the nation and again tried to turn up the heat on congress by saying essentially that americans are fed up. he tries to bring the public into this debate to increase pressure, so certainly the interview on "meet the press," currently a part of that strategy and the president and his staffers watching these negotiations quite closely going on behind the scenes. >> kristen welker, thanks. we'll come back to you later. >> over to capitol hill now, luke russert is standing by. luke, what are you hearing, if anything, about progress today? >> reporter: this morning, craig, there were a hints of optimism and that's subsided to a degree. as kristen mentioned. there are sources close to the talks that say no deal has been reached and again, these negotiations are fluid. they go up and down. it's not an easy road to get to these things at the en
at midnight. economists have been warning us the combination of tax hikes and spending cuts could cause another recession. now, president obama and the senate republican leaders say they are close to a deal to prevent tax hikes on the middle class. the trouble is, the house has gone home and won't be voting on anything tonight. >> for now, our most immediate priority is to stop taxes going up for middle class families starting tomorrow. i think that is a modest goal that we can accomplish. >> we all want to protect taxpayers, and we can get it done now. right now. >> trace: officials tell fox news agreement would let tax cuts expire on $450,000 instead of the president's cut off $250,000. extend unemployment benefits for another year it does not include any new spending cuts. of course, that's the other big issue in this fiscal cliff standoff. we have team fox coverage. mike emanuel is live on capitol hill. but first to ed henry at the white house. ed, it looks as if we are taking the plunge. >> it does, trace. but what i think the white house is hoping here tonight is that lawmakers ar
. >> the fallout with no deal. and every american's tax rates are going up. every american's paychecks will get a lot smaller. >> friday, president obama and congressional leaders met about an hour and agreed to keep talking. >> it is constructive and it is getting done. we will see. >> this eveleaders in the senate are signaling they are ready to compromise. >> i'm hopeful and optimistic. and if there were is no deal the president wants an up or down vote extending tax cuts for those making a quarter million dollars or less. >> i will urge the senate to hold an up or down vote on a basic package to protect the middle class from a tax hike extend vital unemployment insurance for americans looking for a job. >> the impasse has shaken wall street, the dow jones falling 400 points since last week. business people but this man are worried about the future. >> we are deciding how many people we are hiring and we are figuring out how many machines and robots to invest in our factory. >> commits to be axed, there is agreement on 90% of the tax debate. it is the fate of the top 2% that has the two side
some sort of tax reform. he is not the first president to be really bad with this. george bush had a republican congress and he was quite terrible. it was basically his way or the highway. with obama, he has had an attitude of i would just stand back and let the democratic congress do their will. we have this republican congress now, since the 2010 election, he has not done much to reach out or work with them. dagen: is that kind of attitude, how will that get in the way of getting anything done, particularly today? >> well, yeah, obviously, if people are trying to vote on a deal that includes a tax increase, they should just keep the rates down for people in the rest of the brackets and let obama have his, you know, you do not have to vote for a tax increase. it happens with or without you. you do not have to vote for a tax increase in that way. obama has something to worry about here, by the way. the republicans could even lose the next election because of this. he will have to live with this in the history books. dagen: reelection or legacy? great to speak with you, david. happy
know is that harry reid will likely reap introduced president obama's campaign season plan which would extend the tax cuts to americans making less than $250,000 a year but raise taxes on the wealthier americans. this is something republicans have turned down time and time again. >> maryland could lose hundreds of millions of dollars if we do go off the fiscal cliff. kim dacey is live with have the gridlock in washington is affecting us in maryland. >> we have a lot of people employed by the federal nt.ernment that rely o many are watching the negotiations closely. lawmakers cannot reach a budget deal, some say maryland could shoulder a greater burden than some other states. a report that estimates of just how that affect would be. maryland would lose $117.6 million in federal funding next year. the state would have to reallocate spending and make cuts. >> perhaps raising thresholds for individuals receiving aid. it would be a challenge. >> 53,000 jobs would be lost in 2013, it is estimated. that number could be higher. the state will lose about $268 million in 2013. >> the ability for
. on meet the press, president obama called on lawmakers to reach an agreement. if no deal is made, it would be the large of the tax hike since world war ii. >>> secretary of state hillary clinton remains in a new york city hospital this morning after doctors discovered a blood clot stemming from a concussion she had earlier this month. now, a spokesperson for clinton says she is being treated with medication and will most likely stay in the hospital for the next 48 hours. the clot was discovered yesterday during a follow-up appointment. >>> same-sex couples in maryland will be able to marry tomorrow on new year's day. state lawyers said because january 1st is a holiday and because there is a two-day wait period for licenses to take effect, they could not marry until january 4th. the state's attorney general now says all of the licenses will take effect tomorrow. >>> 2012 was another tough year for the economy. >> so it is no surprise that lottery sales were up. fox's claudia cowan has a look for us. >> are you going to walk away with it? let's find out u. >> reporter: even when times are to
president obama has proposed. he's proposed a plan that would extend all the middle class tax cuts and provide extended unemployment benefits for people who are out of work through no fault of their own who are still looking for a job. that's exactly the proposal the president has put forward. that's exactly the proposal that we have asked to have a vote on in the house of representatives. we haven't asked speaker boehner to support the bill. we have just asked them to have a vote on exactly the kind of proposal that you and that caller were talking about. >> we are now four days out. we'll see what happens. congressman, thank you very much. >> thank you. >>> we're back after another break. >>> you know her from tv and movie, but you may not know what she's dedicated her life to, giving back. here's big stars, big giving and eva longoria. >> i'm being pulled in a million different directions. sex trafficking in thailand or dolphins in japan. you can't do everything. so i'm thinking what do i really want to do. where can i create the most impact? >> reporter: to answer that question
right off the fiscal cliff. take a live look at the white house where president obama called the top house and senate leaders from both parties to try and hammer out a deal avoiding the tax hikes and crippling spending cuts. remember analysts say falling off the fiscal cliff could drive the u.s. into another recession. more than a month has passed since the last time they got together. the obama administration called that mid another meeting constructive but there has been little to no progress. today lawmakers on both sides of the aisle tried to strike an optimistic tone. >> millions of americans are out there struggling and certainly they deserve a congress that will avoid going over the fiscal cliff, which is why the president has been working hard to bring leaders together. >> we can't continue to kick the can down the road with half measures. i think the market will respond in a permanent and negative way to our inaction. >> the chairman of the senate finance committee says it comes down to this meeting adding i wish them luck. it would be a great new year's present for the coun
with the obama white house. >> the president's statement is right. no one wants taxes to go up on the middle class. i don't want them to go up on anybody. i'm not in the majority of the united states senate. he is the president of the united states. >> when i listen to the president i think the president is eager to go over the cliff for political purposes. i think he sees a political victory at the bottom of the cliff. he gets all this additional tax revenue for new programs. he gets to cut the military which democrats have been calling for for years. and he gets to blame republicans for it. >> as a practical matter it's already too late for employers to accurately withhold taxes from january paychecks unless there is no change. so workers will feel immediately that 2% hike in the social security tax in those first january pay checks. bill? >> hampton, good to see you. merry christmas. we'll see you later. >> merry christmas to you. >> our next guest says he is unlikely to support any deal the president and speaker can come up with. republican senator joe walsh from illinois joins us right
boehner and president obama talked about, that they address things like alternative minimum tax, and put together a deal that we either try to pass before the end of the year or get agreement to come back right after the first of the year and pass it through both houses. adam: the numbers were something like the president at one point was willing to raise his baht -- bottom line to 400,000. if that's the deal, can you guys, can the men and women in our political leadership pass something before midnight, december 31? >> well, i think so. i mean, and you're going exactly the right direction. if you take what's been put on the table, you got the senate bill, you got the house bill, and you got what president obama and speaker boehner talked about, somewhere in the middle, i think, is a deal we could pass before year end, and as you say, it would be in the $400,000 to $500,000 range, but there has to be a commitment any revenue generated goes to savings, and not more spending. that's the other part of the equation that the president has to step up on to get a deal. adam: senator, we'll have
obama to discuss ways to avoid the hundreds of billions of dollars worth of tax increases and spending cuts that hit in just four days. the meeting broke up about 45 minutes ago. cnn radio capitol hill correspondent lisa awaited the leaders' arrival. lisa, let's talk about what we can look for out of this meeting. is there any chance at all to get a deal before the clock strikes midnight on the 31st. >>. >> reporter: right. i think the key player is mitch mcconnell to watch. we're getting potentially more information about what is happening next. our capitol hill producer deidre walsh was there when some of the leaders returned and she spoke with nancy pelosi who said this meeting was constructive and candid. here's what is especially interesting. nancy pelosi told reporters that the president led a meeting that ended with senators reid and mcconnell trying to work something out between the two of them. now it seems like we've gone from a process that was president obama and speaker boehner and then today to five leaders back to two. and those two, for the moment, seem to be senator re
. president obama and top congressional leaders will look for common ground to keep automatic tax increases and spending cuts from kicking in. if they have only four days to reach an agreement. the u.s. economy will grow over the so-called " fiscal cliff. " that's when automatic tax increases and spending cuts could take effect. retain a deal before then will not be easy. because right now, both sides are involved in a high-stakes political blame game. >> we are here in washington working while the members of a house representatives are watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. i told the president that i would be happy to look at whatever he proposes but the truth is we are coming up against a hard deadline here and as i said this is a conversation we should have made months ago. democrats want to extend the bush era tax cuts to everyone except those americans making too much and $50,000 or more a year. many republicans remain against any tax increases. >> former president george h. w. bush is still in intensive car
a deal or work something out. president obama says he is modestly optimistic that negotiations could prevent these huge tax hikes and spending cuts from kicking in. >> we don't yet see an agreement, and now the pressure is on congress to produce. if they don't, what i've said is that in the senate we should go ahead and introduce legislation that would make sure middle class taxes stay where they are, and there should be an up or down vote. everybody should have a right to vote on that. if republicans don't like it, they can vote no. >> brianna keilar, she's at the white house. brianna, they're saying they're going to come back to work in a couple of hours. a lot of people have been up a lot longer than that, up earlier, trying to figure out what's going on here. i understand you do have some news. potentially there's a new offer on the table. >> reporter: that's right. according to democratic sources, suzanne, they have gone up to $450,000 as the threshold for those income tax rates for where those bush-era tax cuts would expire. so beyond $450,000 for a family. this is somewhat sig
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